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- Financial companies dominated the spotlight in Friday's pre-market trading, as a set of top names released a mixed bag of earnings.
- JPMorgan Chase (NYSE:JPM) and BlackRock (NYSE:BLK) declined before the opening bell, despite bottom-line figures from both companies that topped the amount predicted by market analysts.
- Meanwhile, Wells Fargo (NYSE:WFC) got a lift from its quarterly results.
- Elsewhere, Corning (NYSE:GLW) lost ground on a negative analyst comment, while news of a launch of satellites sparked buying interest in Planet Labs (NYSE:PL).
Decliners
- JPMorgan Chase (JPM) declined 3% despite quarterly earnings that beat expectations. The slide came as the bank stood by its 17% target for return on tangible equity despite the prospect of higher expenses in 2022.
- BlackRock (BLK) also had trouble gaining traction following an earnings beat. Shares slipped almost 2% amid a revenue figure that came in slightly below expectations.
- Looking to another sector, Corning (GLW) retreated nearly 3% in pre-market action, weighed down by a downgrade from Deutsche Bank. The firm removed its Buy recommendation, cutting its rating on GLW to Hold, amid concerns that near-term earnings estimates are too high.
Gainers
- Wells Fargo (WFC) gained about 2% following the release of its quarterly results. The company's profit topped analysts' forecasts, as revenue jumped nearly 13% to $20.9B.
- Planet Labs (PL) represented another gainer in pre-market action, with shares rising 3% on news of a satellite launch. The Earth-imaging company said it has put 44 satellites into orbit on a SpaceX Falcon 9 rocket.
- To keep up with the biggest winners and losers throughout the session, turn to SA's On The Move section.